Fair Values (Tables)

12 Months Ended

Dec. 31, 2025

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2

($ in thousands):


	December 31, 2025			December 31, 2024
	Book Value	Face Amount	Fair Value	Book Value	Face Amount	Fair Value
Financial assets
Cash and cash equivalents	$452,526	$452,526	$452,526	$323,483	$323,483	$323,483
Loans receivable, net	17,784,694	18,154,768	17,856,303	18,313,582	19,203,126	18,288,958
Financial liabilities
Secured debt, net	10,117,292	10,125,839	10,029,890	9,696,334	9,705,529	9,590,400
Other secured debt(1)	39,475	39,475	39,475	—	—	—
Securitized debt obligations, net	2,139,719	2,149,496	2,132,667	1,936,956	1,936,967	1,838,089
Asset-specific debt, net	997,746	999,810	996,308	1,224,841	1,228,110	1,218,639
Loan participations sold, net	—	—	—	100,064	100,064	99,822
Secured term loans, net	1,808,000	1,847,726	1,850,327	1,732,073	1,764,437	1,765,668
Senior secured notes, net	784,876	785,316	810,608	771,035	785,316	780,931
Convertible notes, net	264,745	266,157	264,286	263,616	266,157	257,707

(1)Included within other liabilities on our consolidated balance sheets. See Note 6 for further information.